How to Convert Bitcoins to Cash
BTC can be converted into USD, INR, EUR, or GBP in a variety of ways, some of which are detailed here.
However, you must first determine how you wish to get your fiat before choosing one of the methods given. You can either sell Bitcoins for cash in person or sell them on exchanges and have the funds sent immediately into your bank account.
You can also use services such as Lolli or Bitrefill to spend your Bitcoin on Amazon purchases.
But, for the time being, I’m assuming you wish to sell your Bitcoins for cash in person or in your bank account.
1. Via Fiat Accepting Exchanges
Finding fiat-accepting exchanges in your jurisdiction is the simplest method. You can then sell your Bitcoins to them in exchange for fiat currencies such as USD, EUR, or GBP. The following are some of the exchanges that allow you to do so.
- CEX – USD
- BitFlyer– USD/JPY
- CoinSpot (Australia): AUD
- WazirX(India Only)- Convert BTC to INR or USDT
I recognize that all of the above solutions may not be applicable globally due to the fact that the cash system varies from country to country.
For such sellers, LocalBitcoins offers a peer-to-peer (P2P) selling/buying option (aka LBC).
2. Via LocalBitcoins
LocalBitcoins is a Bitcoin start-up based in Helsinki, Finland, that has been in the business since 2012. It’s a peer-to-peer Bitcoin exchange. It has buyers and dealers on the ground in over 15,000 cities in 248 countries. LocalBitcoins is likely to connect you with a buyer in your country.
The beauty of Localbitcoins is that you deal directly with the buyer and can get paid in any of the accepted currencies (bank deposit, PayPal, Payoneer, cash). Localbitcoins is one of the most popular options for individuals who don’t want to use an exchange to convert Bitcoin to money.
You can meet buyers and sellers online and complete a transaction in person. You can pay in cash or by wire transfer. You can also convert Bitcoins into cash (USD, EUR, INR, JPY, CNY, AUD, Dinar, and so on) via alternative methods such as PayPal or SEPA or direct bank deposits [depending on the buyer/seller].
You can easily filter your country based on your preferred payment method. To clarify, all costs are established by the seller, with LocalBitcoins serving as an escrow manager.
Caution: Always examine the buyer/reputation; seller’s a better reputation indicates that the buyer/seller is more trustworthy.
LocalBitcoin is without a doubt the most convenient way for residents of any country to cash in their Bitcoin.
Check This Also:- How to Buy Bitcoin in India
3. Convert BTC Into USDT Like Digital Fiat
You can convert Bitcoin into USDT if you are not in a hurry to transfer your BTC into your country’s fiat currency (Tether).
If you plan to buy Bitcoins later, using USDT provides advantages to transacting in USD or EUR. It might be time consuming to move money in and out of your bank account on a regular basis.
Furthermore, when you move to USDT, you won’t have to worry about cryptocurrency volatility because USDT always maintains parity with actual US dollars, ensuring that its value of $1 per USDT remains constant.
This eliminates the hassle of constantly transferring fiat currencies to exchanges in order to buy Bitcoins because USDT can be used to buy Bitcoins later if desired.
And, unlike many fiat currencies, USDT is supported by a large number of exchanges all around the world. The following are a few of these interactions.
USDT (Tether) Supported Exchange:
Check This Also:- 10 Best Cryptocurrency Exchanges To Buy Any Altcoin In The World
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How to Convert Bitcoin to Cash?
BTC can be converted into USD, INR, EUR, or GBP in a variety of ways, some of which are detailed here-
Via Fiat Accepting Exchanges
Convert BTC Into USDT Like Digital Fiat.